Boehner: Time to talk trillions

Speaker John BoehnerJohn Andrew BoehnerDemocrats eager to fill power vacuum after Pelosi exit Stopping the next insurrection Biden, lawmakers mourn Harry Reid MORE (R-Ohio) said Thursday that trillions in real spending cuts should be made if  the $14.3 trillion debt ceiling is to be raised.

"Instead of talking about billions, I think it is time to start talking about trillions," BoehnerJohn Andrew BoehnerDemocrats eager to fill power vacuum after Pelosi exit Stopping the next insurrection Biden, lawmakers mourn Harry Reid MORE told reporters.

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He said discretionary spending stilll needs to be reined in. Asked if cuts to Medicare and Medicaid are off the table, Boehner said "nothing is off the table except raising taxes."

Boehner also said that it is time for President Obama to put forth a fully formed budget proposal since the House has already passed a budget.

The $14.3 trillion debt ceiling is set to be breached by Aug. 2. Republicans want immediate cuts and spending caps as concessions from the White House to raise the debt limit, while Democrats are rallying around a debt trigger that would require automatic tax increases or spending cuts later to ensure the debt is declining as a percentage of the economy.